Digital Realty (DLR)
NYSE:DLR
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Earnings Data
Report Date
Jul 23, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.46Last Year’s EPS
2.94Same Quarter Last Year
Moderate Buy
Based on 23 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive: management reported record and near-record leasing activity across product categories (including a historic 200 MW hyperscale lease), expanded backlog and a materially enlarged development pipeline, delivered beat-and-raise financial results (core FFO up ~15% and guidance increased to $8.10), and reduced leverage to multi-year lows while building private capital capacity. Key risks and headwinds were acknowledged — elevated operating expenses, supply-chain and energy uncertainties, rising development costs per MW, longer commencement lags for very large deals, and community/permitting challenges — but management articulated specific mitigants (high prelease rates, utility reimbursements/hedges, diversified capital, and differentiated execution capability). Overall, the positive operational and financial momentum materially outweighs the highlighted challenges.Company Guidance
Strong Leasing Volume and Market Momentum
Signed $707M of new leases at 100% share ($423M at DLR share) — the second-highest bookings quarter in company history and ~70% higher than the next-highest quarter.
Largest Single Lease in Company History
Executed a 200 MW AI inference-oriented hyperscaler lease in Charlotte — the largest megawatt lease ever for the company and a validation of the hub-and-spoke expansion strategy.
Record Zero-to-One Megawatt Plus Interconnection Activity
Zero-to-one MW plus interconnection signings reached a record $98M in the quarter (a >40% increase vs Q1 2025); AI-oriented bookings comprised a record ~21% of this category; 116 new logos added.
Record Backlog and Improved Visibility
Total backlog reached a record $1.8B ($1.0B at DLR share), with $44M of leases commencing this year, $247M in 2027, and $242M in 2028+ — providing multi-year revenue visibility.
Large-scale Development Pipeline Expansion
Development pipeline value scaled to ~$16.5B (up >60% year-over-year); ~1.2 GW under construction (up >50% sequentially), ~61% preleased at an ~11.4% average expected yield.
Financial Outperformance and Guidance Raise
Reported core FFO of $2.04 per share in Q1 (up ~15% YoY) and raised 2026 core FFO per share guidance by $0.10 to $8.10 (midpoint implies ~9% growth vs 2025).
Strong Rental and NOI Trends
Reported revenue and adjusted EBITDA growth in strong double digits; same-capital cash NOI up 7.9% YoY (2.5% on a constant currency basis) and interconnection bookings up 24% YoY to $186M.
Execution on Hyperscale Supply and Capital Strategy
Demonstrated ability to source, position, and lease hyperscale capacity (ability to deliver hyperscale IT capacity in <18 months); closed a $3.25B U.S. hyperscale fund and maintain material private capital / JV dry powder (~$8B+ JV and incremental capacity).
Reduced Leverage and Strong Balance Sheet Position
Debt to adjusted EBITDA fell to a multi-year low of 4.7x; AFFO payout ratio declined to ~64%; invested $910M of development CapEx (net of partners) while preserving liquidity for growth.
Geographic and Connectivity Expansion
Expanded global connectivity footprint with strategic market entries/acquisitions (Sofia/Bulgaria via Telepoint, land in Portugal and Milan, entry into Cyberjaya/Malaysia) supporting latency-sensitive and interconnection-heavy workloads.
DLR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DLR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 23, 2026 | $200.00 | $200.00 | 0.00% |
Feb 05, 2026 | $163.54 | $170.46 | +4.23% |
Oct 23, 2025 | $172.82 | $176.65 | +2.22% |
Jul 24, 2025 | $176.13 | $174.07 | -1.17% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Digital Realty (DLR) report earnings?
Digital Realty (DLR) is schdueled to report earning on Jul 23, 2026, After Close (Confirmed).
What is Digital Realty (DLR) earnings time?
Digital Realty (DLR) earnings time is at Jul 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DLR EPS forecast?
DLR EPS forecast for the fiscal quarter 2026 (Q2) is 0.46.